Yacht Market: Global Industry Analysis and Forecast (2021-2029)

Yacht Market was valued at US$ 10.5 Bn. in 2021 and is expected to grow at US$ 16.4 Bn. in 2029. Yacht Market size is expected to grow at a CAGR of 6.58% through the forecast period.
Yacht Market Overview:
A yacht is a sailing or power vessel used for pleasure, cruising, or racing. The commercial Yacht Code classifies yachts 79 ft (24 m) and over as large. Such yachts typically require a hired crew and have higher construction standards. Further classifications for large yachts are: commercial- carrying no more than 12 passengers, private—solely for the pleasure of the owner and guests, or by flag, the country under which it is registered.



To know about the Research Methodology :- Request Free Sample Report

A superyacht (sometimes mega yacht) generally refers to any yacht (sail or power) longer than 131 ft (40 m). Racing yachts are designed to emphasize performance over comfort. Charter yachts are run as a business for profit. As of 2020 there were more than 15,000 yachts of sufficient size to require a professional crew.

The report explores the Global Yacht Market segments (Type, Yacht Sources, Contract Type, Length and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). The MMR market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2020. The report investigates the Global Yacht Market drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Global Yacht Market contemporary competitive scenario.
Yacht Market Dynamics:
A rise in the number of private islands on cruise itineraries, growing disposable income globally, the use of alternative energy sources, and an increase in the number of high-net-worth individuals are all factors contributing to the growth of the yacht charter market. The simplicity with which a yacht may be rented has boosted the appeal of yacht holidays among the young, who want to celebrate important occasions in style, fuelling the market growth. Furthermore, the growing trend of remote investigations is propelling the market forward. Individuals all around the world are increasingly preferring leisure, sporting activities, and luxury experiences.

Yacht fleet operators rent out luxury yachts for corporate meetings, leisure activities, and special occasions. the use of advanced structural materials such as fiberglass, as well as the creation of bespoke solutions based on individual requirements and designs, are driving the market growth. Other factors, such as growing consumer spending power and the use of alternative fuels in the maritime sector, are expected to propel the market during the forecast period. The development of luxurious amenities and high-tech interiors are delivered by the OEM manufacturers resulted into the growth of the market. Artificial Intelligence (AI), electrification, wearable technologies, and other big technological developments are positively influencing the industry statistics. AI is transforming the market and is expected to play a crucial part in the future of the maritime industry.

The high operational and maintenance cost of yachts is the major factor which is responsible for restraining the growth of the global yacht market. Moreover, the outbreak of COVID 19 has adversely affected the travel and tourism industry, which further hampers the market growth over the forecast period. The factors like high costs of yacht taxation policies and rentals in certain regions may hinders the growth of the market. Natural calamities and high cost associated with yacht charter are the key restraining factors of this market.

The growing demand for yacht charters on account of rising marine tourism will influence the market revenue. Several luxury yacht manufacturers are also providing yachts on rent to explore various coastlines & islands and to provide a seamless travel experience with high standards & comfort. For instance, in 2021, Ritz Carlton launched itineraries to encourage guests to stay aboard for more than one voyage. The ease of booking yachts online on a weekly or monthly basis will create market growth opportunities. Seeing the potential of the market, numerous associated businesses, like yacht management, that support the construction of new yachts are also entering the market and providing the new opportunities for the growth of the market.

The increasing number of accidents and fatalities related to boating is one of the major factors challenging the yacht market. Manufacturers are increasingly adopting safety measures and installing safety equipment onboard to reduce the number of accidents.
Global Yacht Market Segment Analysis:
Based on Type, The super yacht segment is expected to grow with the highest CAGR of XX% during the forecast period owing to the strong popularity of the segment among end-users. the increasing popularity of super yachts among the wide consumer base, along with the surging affinity for outdoor leisure activities lead to the growth of the super yacht segment in global yacht market.

The sport yacht is expected to become the market's fastest-growing segment. The segment's growth might be attributed to rising demand for sporting yachts in countries like China and France. Adults have actively participated in recreational boating activities and athletic events in these countries. Marine tourism, sports tournaments, and other leisure activities such as cruising, fishing, and other water sports activities are all done on sports boats.



Based on length, the segment 20-50 ft. dominate the market with XX% share in 2021. The high growth can be attributed to factors such as availability of variants, which also includes a vessel having wind sailing capabilities that help save fuel and ensure traveling in favourable wind direction. Additionally, low maintenance, shallow draft for water anchorages capability, and lower moorage cost making it a preferred choice for the end-users.

Yachts length below 20ft and 20ft to 50ft segment can be used for both recreational as well as personal purposes. The segment below 20ft is expected to hold the second position after 20ft to 50ft segment in terms of both year-on-year growth as well as market share in the forthcoming years. The growth of less than 20 ft segment is owing to easy availability at affordable charges and low maintenance requirements. Also, the emerging trend in developed economies of Europe and North America region for using renewable energy sources such as wind energy and solar energy in marine vessels is most likely to play an important role in propelling the demand for less than 20 ft since less than 20 ft yacht require less energy for propulsion.



Based on Contract type, The Crewed Charter is dominating the market with the highest CAGR of XX% during the forecast period. As the yacht crew is a crucial element in making a good holiday to a vacation, of which customers talk about forever leads to the growth of the global yacht market. The rising popularity of yacht booking for corporate and anniversary parties is expected to boost the demand in the forecast period. Shifting preference towards marine tourism and voyages has also fuelled the demand for the crew. Additionally, the crew is also required on yacht for technical maintenance such as engine oiling and other system inspections for the smooth functioning of the vessel systems. Furthermore, high-net-worth individuals are squeezing in more travel itineraries into shorter time frames. High preference for spending quality time during a short vacation in exceptional and remarkable accommodations has increased the adoption of crew-yacht over the years.



Based on Yacht Sources, The motor segment is growing with the largest market share due to power and speed, and the ability to cover greater distances in less time. In addition, motor-yachts can also sail in shallow-draft, offering its guests a chance to navigate almost any archipelago or coastline, regardless of whether the passage is narrow, or the water is shallow. Also, substantial growth in luxury marine tourism in the recent past is expected to boost the segment over the forecast period. The high demand for motor-yacht for personal as well as recreational activities in countries across the globe, especially in the Mediterranean region resulted into the growth of the global yacht market. The factors such as increasing demand for recreational activities, tournaments, and product sales on account of rising affinity for outdoor recreational activities boosted the global yacht market during the forecast period.


Global Yacht Market Regional Insights:
The Europe region is expected to witness significant growth at a CAGR of XX% through the forecast period. The large proportion can be attributed to the region's rising boat sales. Factors such as an increasing number of HNWI and the growing popularity of water sports and fishing activities are driving demand in European nations. Due to the region's appeal and recent supporting legislation, passenger traffic in coastal and marine tourism is expected to grow during the forecast period. Passenger traffic in coastal and marine tourism is expected to increase in the next years as a consequence of the region's attractiveness and recent favourable regulations. The growing popularity of water adventures and fishing activities and the increasing number of high-net-worth individuals are the factors which drive the growth of the global yacht market in Europe region.

The Asia Pacific is expected to be the fastest-growing regional market. The growth in disposable income and higher standard of life are two major reasons driving the shift in the region's population's preference for yacht travel. Additionally, government programs promoting tourist development, such as the Swadesh Darshan Scheme and Incredible India, are expected to boost regional market growth throughout the forecast period. Countries with economic crises, political instability, and strict FDI regulations, on the other hand, are expected to have a negative impact on growth. The improved standard of living owing to a rise in disposable income is a critical factor responsible for the changing consumer preference in the global yacht market.

The objective of the report is to present a comprehensive analysis of the Global Yacht Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Global Yacht Market dynamic, structure by analyzing the market segments and projecting the Global Yacht Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Yacht Market make the report investor’s guide.
Yacht Market Scope: Inquire before buying



Global Yacht Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US$ 10.5 Bn.


Forecast Period 2022 to 2029 CAGR:
6.58%
Market Size in 2029:
US$ 16.4 Bn.


 Segments Covered:
by Type
• Super Yacht
• Flybridge Yacht
• Sport Yacht
• Long Range Yacht


by Yacht Sources
• Sailing Yacht
• Motor Yacht


by Length
• Up to 20 ft
• 20 to 50 ft
• Above 50 ft


by Contract Type
• Bareboat Charter
• Crewed Charter
• Cabin Charter



Yacht Market by Region
• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa
Yacht Market Key Players
• Azimut Benetti S.p.A.
• Damen Shipyards Group
• Heesen Group
• The San Lorenzo S.p.a
• Sunseeker International
• Ferretti S.p.A.
• Sea Ray
• Princess Yachts Limited
• Viking Yacht Company
• Alexander Marine International
• Brunswick Corporation
• Christensen Shipyards LLC
• Lagoon
• Sanlorenzo S.p.A
• Feadship Holland B.V
• Damen Shipyards Group N.V.
• Baglietto s.p.a
• Bavaria Yachtbau GmbH
• Sunreef
• Pershing
• Jeanneau
• Benetau
• Riva
• Damen Shipyards Group N.V.
• Fountaine Pajot
• Cranchi
• Bayliner
• Monte Carlo Yachts
• Greenline yachts
• Oyster

Frequently Asked Questions:

1] What segments are covered in the Global Yacht Market report?
Ans. The segments covered in the Global Yacht Market report are based on Type, Yacht Sources, Contract Type and Length.

2] Which region is expected to hold the highest share in the Global Yacht Market?
Ans. Europe and Asia-Pacific region is expected to hold the highest share in the Global Yacht Market.

3] What is the market size of the Global Yacht Market by 2029?
Ans. The market size of the Global Yacht Market by 2029 is expected to reach US$ 16.4 Bn.

4] What is the forecast period for the Global Yacht Market?
Ans. The forecast period for the Global Yacht Market is 2022-2029.

5] What was the market size of the Global Yacht Market in 2021?
Ans. The market size of the Global Yacht Market in 2021 was valued at US$ 10.5 Bn.